Asia To Be Biggest Buyer Of Australia's LNG

MELBOURNE, May 18 (Bernama) -- Australia will be the world's biggest exporter of liquefied natural gas (LNG), with Asia the biggest market, by the end of the decade, according to the vice president of the world's biggest petroleum company. The emergence of natural gas as a power source was a decisive shift in the history of energy, Exxon Mobil's Asia Pacific, Africa and Power head Emma Cochrane told a business lunch in Melbourne on Thursday. She said the prospect of renewable energy sources becoming reliable or affordable enough to generate meaningful amounts of power in the next 30 years is unrealistic. "Australia will supply one-fifth of global LNG supply by 2020, it's been an amazing growth story," she is quoted by the Australian Associated Press as saying. "That would make it the largest LNG exporter in the world ... with Asia the biggest gas market by 2040. Cochrane said Australia is well-placed to realise the goals stated by Resources, Energy and Tourism Minister Martin Ferguson to move from a regional hub to a global leader. Massive investments of A$170 billion (US$167.8 billion) in committed capital expenditure have already been made in LNG projects around Australia. Exxon is itself a partner in the Gorgon LNG project off Australia's northwest coast, but falling gas prices have raised doubts about the projects. Cochrane said she was confident that natural gas is the fastest-growing energy source and demand will have increased by 60 per cent by 2040, surpassing thermal coal. "With 60 per cent fewer emissions than coal it has important environmental implications," she said. "Population and economic growth will see GDP double and the current population on earth of seven billion people increase to nine billion in 30 years ... joining the quest to improve the quality of their lives." -- BERNAMA